Sears Canada to lay off 700

Toronto - With comps down 5.8% during the quarter ended Dec. 29, Sears Canada announced it will lay off 700 employees, mostly at stores and distribution centers.According to reports from several Canadian news organizations, company spokesman Vincent Power said the cuts will occur across the country and are intended to "right-size" the operation - which includes 118 department stores, 48 furniture stores, and a few small specialty stores as well as distribution through 269 locally-owned dealer stores.In addition to a flagging performance, the retailer faces the rollout of Target's new Canadian division, which will begin in March.